Chinese PV Industry Brief: Powerchina Cancels 51 GW Module Tender for 2025

Power Construction Corp. of China (PowerChina) announced on April 9 the cancellation of its 51 GW solar module procurement round for 2025 due to shifts in China’s renewable energy policies affecting its purchasing needs. The state-owned company advised bidders to contact the tendering agency to reclaim bid guarantees. Launched in November 2024, the tender, which would have been the largest for n-type solar modules, received 58 bids with average prices of CNY 0.68/W for TOPCon modules and CNY 0.773/W for HJT modules. While the solar module tender was halted, PowerChina completed a similarly large inverter procurement round in February without cancellation, prompting speculation about the status of other project components.

Deye, a manufacturer of inverters and energy storage equipment, reported strong preliminary financial results for 2024. The company’s net profit increased by 64.8% to CNY 2.95 billion, with revenue rising 49.7% to CNY 11.2 billion. Earnings per share reached CNY 4.75. Deye attributed its growth to high demand for energy storage products, particularly in emerging markets with limited grid infrastructure. In Europe, rising electricity costs have further boosted the adoption of storage solutions. The company highlighted robust sales of integrated storage inverters and battery packs, alongside significant progress in its household appliance sector.

A Deye representative stated: “Our strong performance reflects the growing global demand for reliable energy storage solutions, driven by market needs in both emerging and developed regions.” The company’s focus on integrated systems has positioned it to capitalize on the expanding renewable energy market.

Sineng Electric announced that the Shenzhen Stock Exchange has approved its application to issue new shares to targeted investors, aiming to raise up to CNY 1.65 billion. According to its 2023 fundraising prospectus, the funds will support three key projects: a 25 GW string inverter production line, a 15 GW energy storage inverter facility, and additional working capital. These initiatives are designed to expand Sineng Electric’s manufacturing capacity to meet the increasing global demand for solar and storage solutions.

A Sineng Electric spokesperson noted: “This fundraising effort will enhance our ability to deliver advanced inverter technologies, supporting the global transition to renewable energy.” The company’s expansion plans align with the rising need for integrated solar and storage systems worldwide.

These developments reflect the dynamic nature of China’s renewable energy sector, with companies adapting to policy changes and market trends. PowerChina’s tender cancellation highlights the impact of regulatory shifts, while Deye and Sineng Electric demonstrate strong growth and strategic investments to address global demand for energy storage and inverter technologies.